Following a meeting of the independent directors on Tuesday, Mindtree’s lead independent director Apurva Purohit said: “This (independent directors’) committee will discharge the legal obligations placed on the independent directors under the prevailing regulations with respect to providing reasoned recommendations on the offer."
“The written reasoned recommendations on the open offer shall be provided within the timeline and as per the guidelines laid down by Sebi. Since the entire matter is under evaluation at this stage, no opinion has been formed by the independent directors thus far. Any reports suggesting otherwise are incorrect and baseless," Purohit added in a statement. On 26 March, the Bengaluru-based IT company’s board scrapped its plan for a share buyback that was aimed at preventing a hostile takeover by L&T.
L&T said it will file its draft letter of offer with the Securities and Exchange Board of India (Sebi) for the Mindtree takeover on 2 April, while Mindtree’s IDC could send its recommendations to the shareholders by 10 May. L&T has the option to raise the open offer price or the offer size till 13 May.